Hi,Am I correct here or not, that SPP is not necessarily offered...

Hi,
Am I correct here or not, that SPP is not necessarily offered at 1.25 per piece.

The pricing condition is offerred the lower of as follow:
a) the placement price, being $1.25 per share or;
b) 5% discount to Watpac’s 5 day VWAP over the SPP
pricing period (6 – 12 October 2009).

If (B) condition is met, we have to expect that SP vwap is 1.3125 on those period?
In another words, that SPP will be offerred at $1.50 per share on the condition VWAP of pricing period is assumed 1.575?

Closing date of offer is 12/10.

Are we hoping that the VWAP pricing during those periods is least 1.3125 and not more?

Please help....